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COR trades against a final fair-value range of $342.15-$514.68, with the midpoint set by the accepted valuation synthesis rather than earlier draft model outputs.
A negative working capitalWorking capitalCurrent assets minus current liabilities. The capital tied up in the operating cycle (receivables and inventory) net of trade financing (payables). spiral combined with sustained operating marginOperating marginOperating income (EBIT) divided by revenue. Captures profitability after both direct costs and operating expenses but before interest, tax, and non-operating items. compression below 1.1% would break the capital return algorithm, rendering share repurchases dilutive.
Aggressive legislative action structurally reduces US branded and generic drug pricing, crushing distribution fee economics and compressing margins below 1%.
Manufacturers systematically bypass wholesale networks for specialty and blockbuster treatments, structurally degrading top-line growth and ROIC.
Intense generic price deflation outpaces unit volume growth, eroding gross profit dollars and causing operating leverage to inflect negatively.
| Line item | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | Trend |
|---|---|---|---|---|---|
| Revenue | $238.59B | $262.17B+9.9% | $293.96B+12.1% | $321.33B+9.3% | +10.4% |
| Gross profit | $8.30B | $8.96B | $9.91B | $11.48B | +11.4% |
| Operating income | $2.75B | $2.69B | $3.16B | $3.93B | +12.6% |
| Net income | $1.70B | $1.75B+2.9% | $1.51B-13.7% | $1.55B+2.6% | -2.9% |
| EPS (diluted) | $8.04 | $8.53 | $7.53 | $7.96 | -0.3% |
| EBITDA | $3.10B | $3.37B | $3.37B | $3.75B | +6.5% |
| R&D | — | — | — | — | — |
| SG&A | $4.85B | $5.31B | $5.66B | $6.49B | +10.2% |
Cash-flow quality is reflected in the OCFOperating cash flowCash generated from the company's core operations after working-capital changes but before capital expenditures. The first line of the cash-flow statement. / net incomeNet IncomeNet Income is an income-statement line item used to reconcile revenue to operating profit, pre-tax income, net income, or per-share earnings. It should be compared across periods and against peer disclosure conventions., accounting-quality, and ROICROICReturn on invested capital. Operating profit (after tax) divided by invested capital. The single best gauge of capital-efficiency. Spread over WACC = economic value created. rows above.
Capital allocation should be evaluated against reinvestment needs, balance-sheet strength, and shareholder returns.
| Deterioration versus the report thesis |
| Significant manufacturer shifts to direct distribution models for high-margin specialty drugs. | Monitor | Deterioration versus the report thesis |
| Legislative shifts implementing structural caps on wholesale distribution margins. | Monitor | Deterioration versus the report thesis |
